Report: NY students suffer due to lack of financial education.

TLDR:

• New York is one of 15 states that does not require high school students to take a personal finance course to graduate.
• There is a push to add a mandatory financial literacy course requirement for a diploma in New York.

Full Article:

A report from the Council for Economic Education highlighted the lack of a finance course requirement for high school students in New York, leaving them ill-equipped to make important economic decisions later in life. While concepts of personal finance are integrated into a mandatory high school economics class in New York, critics argue that this approach does not adequately cover practical issues like renting versus buying a car.

The State Education Department’s Blue Ribbon Commission on Graduation Measures recommended that financial literacy be made a graduation requirement, and a decision from the Board of Regents on adopting this recommendation is expected in the spring. Currently, 35 states mandate a personal finance course for graduation, up from 23 states two years ago. Additionally, 28 states, including New York, require students to study economics to graduate.

Advocates for financial literacy education believe that making poor financial decisions at a young age can have long-term consequences and stress the importance of preparing students with skills like budgeting, saving, and investing. Opponents of mandatory financial literacy education argue that efforts should focus on improving existing curricula rather than adding another mandatory class.

Some Long Island high schools offer elective courses on financial planning, investing, and managing credit scores. Despite multiple failed attempts since 2009, there are currently six bills introduced in the state legislature to mandate high schools to provide a course on financial literacy as a graduation requirement.